Local Farmers Now Have Access To Partially State Funded Loans

(Hawaii News Now) - Working with the Hawaii Department of Agriculture, Hawaii National Bank is offering loans to eligible farmers as well as local food manufacturers through the statewide Agricultural Loan Program. The program enables Hawaii National Bank to further support local businesses, specifically Hawaii's farmers and the movement towards locally produced foods. Through the State's establishment of a loan fund, the program makes loans available to eligible farmers or food manufacturers under attractive rates and terms. The loans are "shared" loans – meaning the bank and the State fund them together or under a loan guaranty basis. The program includes various types of loans, such as an agricultural loan and a renewable farm energy loan among others.

Farmers can apply for an agricultural loan for land acquisition or improvements, equipment or livestock purchases, or operating capital. The maximum loan amount ranges from $250K to $800K depending upon the purpose of the loan.